Energy storage lithium battery product liability insurance

Why do insurance companies refuse to cover lithium-ion batteries?

Insurance companies are starting to refuse cover for boats fitted with lithium-ion battery systems as the risk of catastrophic fire sparked by the technology starts to unsettle the industry. Lithium-ion batteries are making inroads into the marine world as they offer many boating-friendly benefits over traditional battery systems.

Are battery storage insurance costs falling?

BESS is still a nascent technology, but the overall trend seems to be one of falling insurance costs for battery storage. This situation has arisen from a combination of improving loss experience and a growing understanding of the risk involved, according to specialist battery insurers Altelium .

How big is battery storage capacity in the UK?

Globally, installed capacity needs to grow from 16 GW to 680 GW by 2030 , or growth of more than 40 times existing capacity, to meet the International Energy Agency’s (IEA) global energy roadmap. The UK’s battery storage capacity has grown to around 2 GW, and the capacity of individual installations has also grown in the last few years.

Will battery loss data turn a nascent market into an established market?

The millions of battery cells currently in operation today are all, as we speak, contributing to a growing body of loss data that will quickly turn what many are treating as a nascent market with emerging risks into an established one.